Wednesday

Family Dollar is the latest struggling retailer to announce plans to shutter stores.

The discount chain, which has been owned by Dollar Tree since 2015, said this week it will close 390 locations in 2019.

A list of the exact locations has not yet been released.

Another 200 Family Dollar stores will be converted to Dollar Tree locations this year.

“Our Dollar Tree business has continued to perform extremely well," president and CEO Gary Philbin said in a written statement. "It’s a concept our customers love."

To help its Family Dollar operation turn things around, the company will introduce an assortment of Dollar Tree merchandise at many stores.

In addition, more coolers for frozen foods are being added at 400 stores and 1,000 locations will begin selling beer and wine.

“We are confident we are taking the appropriate steps to reposition our Family Dollar brand for increasing profitability as business initiatives gain traction in the back half of fiscal 2019," Philbin said. "Improving the consistency of execution and optimizing our real estate portfolio will contribute to a meaningful improvement in our shoppers’ in-store experience and store traffic. We believe we are well-positioned to capture the significant opportunity ahead of us as we focus on creating and driving value for our shareholders.”

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